Yeah, the parable is wishful thinking by a developer who wants to be left alone and code without having to communicate with anybody. There are rational reasons that this is not a viable approach for most non-hobby software development.
A single developer outperforming a team is not that far-fetched - under ideal circumstances. It is obvious that there is a lot of overhead from communicating and coordination in team development, and the biggest drop in efficiency is scaling from a single developer to a small team. If a project is just small enough that a single developer can handle it, it is clearly the most efficient. The problem is that the lone-developer approach is totally non-scalable. If it turns out halfway through the project that it will require 20% more work than originally estimated, then the lone developer will have to add two or three colleges at a late stage - and since there is no written spec, the project is probably going to end up being even later and bad quality code. But of course this is not considered in a parable written to show that the lone coder-approach is superior.
Also the 5 factor difference in lines of code and bug count for solving the same problem is not far fetched either. But I think it has nothing to do with the number of developers but rather on culture and competency. It might just as well be the lone developer who writes a lot of bad code to solve a simple problem. Of course it could be a very competent single developer compared to a team of mediocre programmers, but it could just as well be the other way around. And in a team development effort, the most competent developer may perform code reviews and so on, so the overall code quality is better than just the average competency of the developers on the team.
The major difference in the two approaches in the parable is that the one team actually produces a written problem analysis and spec, while the cowboy has it all in his head. The story suggest that the lone developer actually produces a perfect problem analysis and is therefore able the write the perfect program without the overhead of producing written spec. However, the boss/customer have no way of knowing until the program is finished. If there was an error or miscommunication in developing the problem analysis, it is too late to change now, or at least will be much more costly than if it was discovered in the specification stage. Also, in the real world it requires communication with the customer to develop and verify the spec. It the story the development happens completely without outside input, which almost never happens in the real word. Even if developers would wish it was the case.